# Robustness: Time Period Stability

| Variable | EMU: 2000-2012 | EMU: Post-2012 | CFA: Pre-2000 | CFA: 2000-2012 | CFA: Post-2012 |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -248.7422*** | -73.3831* | 177.0734** | 141.8295*** | 94.0466** |
| | (40.7445) | (41.8581) | (85.4263) | (54.5056) | (45.8256) |
| Z_2 | 32.5059*** | 10.9434** | -29.0218** | -19.3224** | -11.6316 |
| | (5.4705) | (5.4528) | (13.1719) | (9.3860) | (7.2541) |
| Z_3 | -1.1877*** | -0.4377** | 1.2844** | 0.7529* | 0.4028 |
| | (0.2094) | (0.2019) | (0.5668) | (0.4221) | (0.3071) |
| fiscal_bal_gdp | -0.1012 | -0.0392 | 0.1728 | 0.2703*** | 1.2042*** |
| | (0.0704) | (0.0991) | (0.2632) | (0.0962) | (0.1139) |
| nfa_gdp_lag | 0.2932 | 3.7146*** | 11.4515*** | -0.1289 | 1.3858 |
| | (0.6544) | (0.7653) | (2.4834) | (2.1546) | (1.4400) |
| rgdp_growth | -0.0277 | 0.1628*** | -0.3127*** | 0.0127 | -0.0437 |
| | (0.0475) | (0.0548) | (0.0896) | (0.0668) | (0.0865) |
|:---|---:|---:|---:|---:|---:|
| N | 195 | 241 | 120 | 224 | 184 |
| R² | 0.4421 | 0.3145 | 0.3847 | 0.2536 | 0.5837 |
| Countries | 17 | 19 | 12 | 14 | 14 |

*Panel GLS with country and year fixed effects. Union members post-accession, split by time period.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*